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The Tokyo Metropolitan Government slashed funding costs thanks to rampant global demand for the first social bond offered by a local government in Japan.

The coupon of 0.005% is half the going level for plain five-year municipal notes priced earlier this month. Applications for the five-year social bonds outstripped the ¥30 billion issue about 12 times, enabling the reduction in funding costs, according to Goldman Sachs Group Inc., one of the banks underwriting the deal.

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